Answer Happy

PART C (70 MARKS) Answer ALL questions QUESTION 1 SASSA Sdn. Bhd. operates a sports business providing sports services and selling sports goods to members and non-members. The following balances were extracted from the trial balance of SASSA Sdn. Bhd. on 31 December 2017. Premises Purchases of Sports Merchandise Sport Equipment Office Equipment Previous year outstanding sponsorships Salary & Wages Cash in Hand Maintenance Advertising Telephone expenses Sport Merchandise Stock as at 1 January 2017 Water Expenses Stationery Cash at Bank Owners' Equity as at 1 January 2017 Sales of goods at shop Sponsorships received Receipts from events organized Loan from BSN Bhd Maju Sukan Sdn Bhd Dr (RM) 50,000,000 20,000,000 40,000,000 5,000,000 200,000 1,500,000 750,000 4,000,000 1,500,000 7,500 1,000,000 5,000 4,500 7,500,000 (RM) 71,567,000 30,000,000 10,000,000 4,500,000 15,000,000 400,000 131,467,000 131,467,000
Additional information for consideration: Annual depreciation is as follows: Based on cost for office equipment at 20% per annum, and based on book value method for sports equipment at 10% per annum. Telephone expenses of RM750 is due and yet to be paid. Sponsorship for the current year of RM500,000 is due and not yet received. Receipts from events organized are accrued of RM450,000. 20% of sponsorships still outstanding from the previous year are to be written off as bad debt. 10% of water expenses was paid in advance. Stationery of RM1,800 is accrued and yet to be paid. An amount of RM150,000 is accrued salary and wages for the year ended 31 December 2017. 20% of maintenance was paid in advance. Sports merchandise stock as at 31 December 2017 is RM2,000,000. You are required to prepare for SASSA Sdn. Bhd.: a) Income Statement for the year ended 31 December 2017, and b) Statement of Financial Position as at 31 December 2017.